Joint Mortgage application Process after paying off debts from Inheritance

bigwheels36

Hi, Looking at some advice please for a future joint mortgage application. We have been blessed with a substantial inheritance and would like to clear our debts of credit cards, car loan. We have never defaulted or have any CCJ's on our credit files  just heavy CC debt of 36K.  Is it best to pay off in full each Credit card and car loan . Then wait for a month or so for Credit files to balance out before then speaking with an All market Broker for the mortgage application .

Any advice or tips is much appreciated 

MWT

No need to wait before talking to a broker, just tell them the plan and they can take that into account when advising you.

bigwheels36

MWT, thank you for your advice, What is the best way to approach each Credit card company .I'd like a settlement figure please to clear my balance? 

MovingForwards

If you've been meeting the contractual monthly payments you won't get a reduced settlement.

MWT

bigwheels36 said:

MWT, thank you for your advice, What is the best way to approach each Credit card company .I'd like a settlement figure please to clear my balance? 

Nothing special to do if you've been paying the minimum payments, just pay off the balance on the last statement and the following month there will be a little interest to be paid, then you'll be done if you are not still using the card.